The tax credit is made up of two components. The vehicle is eligible for $3,750 if it meets the critical minerals requirements and $3,750 if it meets the battery components requirement. If it meets both of these requirements, it is eligible for a $7,500 tax credit. If it meets one of these two requirements, it is eligible for a $3,750 tax credit. If it doesn’t meet either of these requirements, the vehicle is not eligible for any federal tax credit.
By: Lindsey Perkins
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Published: 02.28.2024
How much is the tax credit?
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